Which signature spell is the fastest for generating Flashes of Insight?

The Wizard’s Arcane Dynamo skill description reads:

When you deal damage with a Signature spell you may gain a Flash of Insight.

The “may” is very vague. What is the actual chance? And more importantly, which skill may ultimately generate Flashes of Insight faster? Also, is there any runes / passives / item selection which will make the generation even faster?

Solution 1:

The spell best suited for this is Shock Pulse with the rune Living Lightning.

The spell has an insane amount of hits/second, however each hit deals low amounts of damage , but it adds up to the same DPS as any other spell doing the same amount of weapon damage percentage.

Combine Living Lightning with items that improve Attack Speed and you will fire an insane amount of attacks per second, with each attack producing lots of hits/second. If you fire off several Living Lightnings, you will regenate 5 Flashes of Insight in a few milliseconds after you've casted your non-signature spell.

The skill: http://eu.battle.net/d3/en/class/wizard/active/shock-pulse
A video showing the skill in action:

They use Shock Pulse and Living Lightning with a rune that reduces cooldowns by 1 second for every critical hit. You gain lots of critical hits with Living Lightning without critical hit gear, imagine what you get if you gear up correctly!

NOTE: I am not sure the above build works anymore, changes were made recently, but Living Lightning was unaffected.

Solution 2:

Arcane Dynamo has since been changed to

When you cast a Signature Spell, you gain a Flash of Insight.

Now, causing damage with a Signature spell does not grant Flashes of Insight. However, there is a 100% chance of gaining a stack of Flash of Insight on cast. As such, gaining stacks of Flash of Insight now relies entirely on attack speed and whatever Signature spell you choose has absolutely no effect on the efficiency of gaining stacks of Flash of Insight.